| Postseason: |
Lost World Series (4-1) to St. Louis Cardinals |

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Transactions listed are from November 1 of previous year to April 1 of the following year.
December 4, 1941
Purchased Boyd Perry and Tuck Stainback from the Detroit Tigers.
December 9, 1941
Traded Tommy Holmes to the Boston Braves. Received players to be named later. The Boston Braves sent Buddy Hassett (December 16, 1941) and Gene Moore (February 5, 1942) to the New York Yankees to complete the trade.
1942
Signed Bob Alexander as an amateur free agent.
Sold Ferrell Anderson to the Brooklyn Dodgers.
Buddy Blair sent to the Philadelphia Athletics in an unknown transaction.
Signed Jerry Coleman as an amateur free agent.
Signed Jerry Scala as an amateur free agent.
Signed Charlie Silvera as an amateur free agent.
Signed Eddie Yuhas as an amateur free agent.
March 23, 1942
Sold Frenchy Bordagaray to the Brooklyn Dodgers.
May 10, 1942 (Standings)
Sold Mike Chartak to the Washington Senators.
June, 1942 (Standings)
Gene Bearden received from Savannah (South Atlantic) in an unknown transaction.
July 16, 1942 (Standings)
Traded Frankie Kelleher to the Cincinnati Reds. Received Joe Abreu and Jim Turner.
July 19, 1942 (Standings)
Signed Rollie Hemsley as a free agent.
August 31, 1942 (Standings)
Selected Roy Cullenbine off waivers from the Washington Senators.
November 2, 1942
Don Lang drafted by the Boston Red Sox in the 1942 rule 5 draft.
George Washburn drafted by the Chicago Cubs in the 1942 rule 5 draft.
November 7, 1942
Drafted Roy Zimmerman from Greenville (South Atlantic) in the 1942 minor league draft.
December 17, 1942
Traded Roy Cullenbine and Buddy Rosar to the Cleveland Indians. Received Oscar Grimes and Roy Weatherly.
1943
Signed Bob Addis as an amateur free agent.
Signed Yogi Berra as an amateur free agent.
Signed Frank Hiller as an amateur free agent.
Signed Bill Knickerbocker as a free agent.
Signed Jack Phillips as an amateur free agent.
Eddie Yuhas sent to the St. Louis Cardinals in an unknown transaction.
January 22, 1943
Traded Al Gettel, Ed Levy and $10,000 to the Philadelphia Blue Jays. Received Nick Etten. Al Gettel and Ed Levy returned to original team on March 26, 1943. The New York Yankees sent Tom Padden (March 26, 1943) and Al Gerheauser (March 26, 1943) to the Philadelphia Blue Jays to complete the trade.
January 25, 1943
Sold Lefty Gomez to the Boston Braves.
January 29, 1943
Traded Milo Candini and Jerry Priddy to the Washington Senators. Received Bill Zuber and cash.